Nanocoatings involves the nanotechnology coatings that offer superior properties such as better abrasion resistance, hardness, transparency ductility, and lubricity compared to conventional coatings. Moreover, they have low VOC emissions which makes them preferable for various range of eco-friendly applications. Antimicrobial, anti-fingerprint, easy-to-clean & anti-fouling, self-cleaning (bionic & Photocatalytic) are some of the major types of Nanocoatings.
The global nanocoatings market is estimated to be valued at US$ 10,511.1 million in 2021 and is expected to exhibit a CAGR of 24.7 % over the forecast period (2021-2028).
In April 2021, Actnano announced the achievement of significant milestone of the company. In 2020, company’s protective coating under the brand name ‘nanoGAURD’ secured 1.2 million production vehicles along with a few autonomous automobiles on the road.
In January 2021, Tesla Nanocoatings launched a new technology combining carbon nanotubes for workers safety. The product NANO non-skid is Teslan 1105 Zn-CNT Single Coat Deck Epoxy. It incorporates carbon nanotubes together with sacrificial Zinc and non-skid aggregate to provide enhanced durability.
In October 2020, Nanocoatings start-up ActNANO raised USD 12 million in series A round. The company is planning to expand its team in Asia and Europe to meet the customer demand.
North America held dominant position in the global nanocoatings market in 2020, accounting for 37.5% share in terms of value, followed by Europe and Asia Pacific, respectively. The global nanocoatings market is growing owing to the huge demand from medical and automotive coatings industry.
Figure 1. Global Nanocoatings Market Value (US$ Mn), by Region, 2020
Growing demand for nanocoatings from automotive applications is propelling the market growth of the nanocoatings. These coatings are done for surface protection of vehicles, especially in luxury cars due to its UV, wear and tear, and heat resistance properties. Robust growth in the automotive industry due to the growing production of vehicles is fueling the demand for coatings, this, in turn, is augmenting the market growth of the nanocoatings over the forecast timeframe.
High demand for medical device coatings is a prime factor propelling the market growth of the nanocoatings. Nanocoatings help in the prevention of the bacterial contamination and enhance the surface and performance. Also, it helps to reduce friction between tissues and devices as many medical devices require non-stick coatings over-molded, biocompatible, and other finishes. Thus nanocoatings are gaining high demand from the healthcare industry on the account of its wear resistance and anti-microbial properties.
The growing demand for nanotechnology-based smart coatings is projected to serve major growth opportunities over the forecast period. Nanotechnology-based smart coatings provide multifunctional properties to surfaces such as wear and tear, scratches, heat, and prevention from microorganisms. They have the ability to resist from extreme environments and external stimuli. These coatings are widely gaining traction from manufacturing sectors such as automotive, energy, medical, construction, electronics and military sectors.
The continuous improvement in the technology and the growing investment in research and development for the production of nanocoatings at a lower cost is expected to offer potential market opportunities, Moreover, the nanocoatings are also used in construction sites, vehicles, defense equipment, airplanes, and boats. Thus, ongoing research and development activities has led to the development of self-cleaning, water repellant, and reduce friction nanocoatings technologies.
|Base Year:||2020||Market Size in 2021:||US$ 10,511.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||24.7%||2028 Value Projection:||US$ 49,415.3 Mn|
Bio-Gate AG, Buhler PARTEC GmbH, Cima NanoTech Inc., Eikos Inc., Inframat Corporation, Integran Technologies Inc., Nanofilm Ltd., Nanogate AG, Nanophase Technologies Corporation, and Nanovere Technologies LLC
|Restraints & Challenges:||
Anti-fouling & easy-to-clean coatings are gaining popularity from automotive, marine, electronics, and food manufacturing applications. Moreover, these nanocoatings also restrict the growth of fungal and algae. Anti-fingerprint coatings are also expected to gain significant growth from medical & healthcare and electronics applications. Moreover, self-cleaning nanotechnology is also projected to foster the market growth of the nanotechnology over the forecast period.
Growing strategic partnerships and agreements between key manufacturers for expanding the business presence is one of the emerging trends in the market. For instance, in January 2020, Proximo Medical enter into a partnership with CeloNova Biosciences, supplier of the COBRA PzF nanocoated coronary stent (NCS), in the US markets. CeloNova Biosciences is a global medical device company that offers products based upon its proprietary Polyzene-F NanoCoating technology.
Figure 2. Global Nanocoatings Market Share, By Product type, 2020
Key Takeaways of the Graph:
The fluctuating price of raw materials used in the production of nanocoatings is projected to hamper the product demand as this may increase the overall price of the final products. Thus the volatile price of raw materials used in the production of nanocoatings is expected to restrict the market growth.
The high initial cost and low yield of the nanocoatings is expected to hamper the adoption rate of the nanocoatings. This factor is projected to restrict the market growth of the nanocoatings.
Nanocoatings are the next generation of protective coatings that have developed through the advancement of nanotechnology. Nanocoatings systems are made up of encapsulated nanothermoves that are encapsulated within a carrier like other materials. There is a great potential of nanocoatings in almost every area in the field of nanotechnology where encapsulation is needed such as nanotechnologies, nanoscience, electrochemistry, biomedical science, metrology, nanotechnology, etc. In addition, this nanotechnology article will focus on nanocoatings and their emerging applications in the field of nanotechnology.
Growing demand from automotive application and increasing demand for medical device coatings is fostering growth of the nanocoatings market. Advantages such as surface protection, UV, wear and tear, and heat resistance properties are creating high demand from a wide range of industries. Technological advancement is further projected to augment growth of the market. For instance, In June 2020, Onyx Coating Launch the First N1 Nano Coating Product. This ultra-hard 10H ceramic coating product is engineered to provide N1 smoothness level and last for a lifetime.
However, fluctuating price of raw materials is expected to restrict growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.